Past year: ▲ 43%(4.20c – 15.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Mar 2008investor presentation● Neutral
Roadshow presentation restating known facts: 161.1m shares, cash A$4.7m at March 2008, Pompano Well #1 producing, Well #2 expected at depth late March, High Island revenue about US$600-700k a month. Nothing new to announce.
13 Mar 2008half year report▼ Bad
Half-year to 31 December 2007: net loss of $6.06m versus $2.26m a year earlier. High Island wells averaged 14.5 MMscf/d gas, though Well A-1 shows more water and condensate, with a fix planned by shifting the producing interval.
12 Mar 2008production update▲ GoodMajor
First gas from Pompano Well #1 flowed on 9 March 2008, with rates in line with expectations, about 13 weeks after field work began. Elixir's 25% interest now earns gas sales alongside High Island. This delivers the mid-March target.
12 Mar 2008production update▲ Good
Buccaneer says Pompano Well #1 began producing on 9 March 2008, with gas flowing as expected, and a stable rate is expected in 7-10 days. The independent reserve report slipped from mid-March to mid-April.
11 Mar 2008drilling progress report● Neutral
Buccaneer reports Pompano Well #2 at 8,180 ft, preparing to run 7⅝-inch casing before drilling to 9,360 ft. Hydrocarbon shows are withheld until total depth. Routine progress.
11 Mar 2008drilling progress report● Neutral
Elixir reports Pompano Well #2 drilled to 8,180 ft, with logging runs then casing before the final section to about 9,358 ft. No hydrocarbon results are reported until total depth.
6 Mar 2008production update▲ Good
Elixir says Pompano flowlines passed testing and are connected to Well #1, so gas production should begin within about 7 days from the 6700A and B sands. This resolves the open flowline test.
6 Mar 2008production update▲ Good
Buccaneer says the Pompano flowlines passed pressure testing and are connected to Well #1. Production is expected within about 7 days once platform piping is finished, with no delay from flowline repair. This resolves the flowline-test question.
4 Mar 2008drilling progress report● Neutral
Buccaneer reports Pompano Well #2 has 10¾-inch casing run to 3,550 ft, with drilling ahead expected next. No hydrocarbon results are reported yet.
4 Mar 2008drilling progress report● Neutral
Elixir reports Pompano Well #2 casing cemented at 3,550 ft, with the next section heading to 8,136 ft. Platform refurbishment is well advanced and flowline test results are due in days. Routine progress.
26 Feb 2008admin correction● Neutral
Corrects the earlier count of exercised Gawler merger options: 7,880,139 were validly exercised, 25,000 more than first advised, because of a share registry administrative error. Late forms for lapsed options cannot be honoured.
26 Feb 2008drilling spud▲ GoodMajor
Elixir confirms Pompano Well #2 has spudded, targeting about 9,360 ft in roughly 28 days. This is the follow-up to Well #1's success. Pipeline testing between the B caisson and A platform will decide when Well #1's first gas arrives.
26 Feb 2008drilling spud● Neutral
Buccaneer reports Pompano Well #2 (SL 103230 #1) spudded 24 February 2008 and reached 800 ft. Planned depth is 9,360 ft in about four weeks. Elixir holds 25%.
18 Feb 2008flow test result▲ GoodMajor
Buccaneer reports Pompano Well #1 flow tested at 1.501, 1.430 and 5.342 million cubic feet a day from three gas sands. The two sands to be produced are expected to give 6-7 million cubic feet a day combined. Elixir holds 25%.
18 Feb 2008flow test result▲ Good
Elixir confirms Pompano Well #1 flowed 1.501, 1.430 and 5.342 million cubic feet a day from its three gas sands. The 6700A and B sands should start at a combined 6-7 million cubic feet a day once the platform retrofit is done. Elixir's 25% back-in is 5.5%.
12 Feb 2008drilling progress report▲ Good
Buccaneer says Pompano Well #1 completion is in its final stages with minor weather delays, flow rates due within 7 days. Platform refurbishment has started, and production is expected in mid-March 2008.
12 Feb 2008drilling progress report● Neutral
Pompano Well #1's shallow 6,700 ft sands were perforated and gas reached surface; deeper A and B sands are next for flow testing. The rig then moves to spud Well #2. The text now says the back-in is 5.5%, versus 5.0% in earlier releases.
5 Feb 2008drilling progress report▲ Good
Buccaneer reports production casing run on Pompano Well #1 and preparation to perforate for testing. The operator says three sands appear commercial. No flow rates yet.
5 Feb 2008drilling progress report● Neutral
Pompano Well #1 has production casing cemented, and perforating and flow testing of three gas zones is being prepared. Completion should end in about 8 days if trouble-free. No flow rates yet.
31 Jan 2008quarterly activities report▲ Good
December quarter: Gawler merger completed, High Island averaged 14.5 MMscf/d gas and 194 bbl/d condensate over 14 weeks, and Pompano Well #1 found commercial gas. Well #2 is planned next; North Sea farmouts continue and P1401 merged with Petro-Canada's block 13/24d.
31 Jan 2008drilling scheduled▲ GoodMajor
After Well #1's success, Pompano partners have taken up a rig option to drill a second well, SL 103230 #1. It should spud within about 7 days of the rig being released in roughly 14 days. Buccaneer has options on 5 additional wells.
30 Jan 2008drilling result▲ GoodMajor
Pompano Well #1 reached 7,821 ft on 26 January with gas in three sand groups. The joint venture judges the pay commercial and will complete it as a producer in about 15 days. This is a success for Elixir's 25% first well.
30 Jan 2008drilling result▲ Good
Buccaneer reports Pompano Well #1 finished drilling at 7,821 ft with positive preliminary indications, so completion for production has begun. Completion takes about two weeks and platform refurbishment 30-60 days before production starts.
25 Jan 2008capital raising announcement● NeutralMajor
Elixir will issue 8,571,429 unsecured convertible notes at $0.35 to Macquarie Bank, raising $3.0m for Pompano drilling and working capital. Notes convert at $0.35 to 31 Dec 2008, otherwise redeem 31 Jan 2009; interest is 10% a year.
22 Jan 2008drilling progress report● Neutral
Buccaneer reports Pompano Well #1 at 3,265 ft with casing run and tested to 3,000 ft, drilling ahead. No hydrocarbon results yet; they come after logging.
22 Jan 2008drilling progress report● Neutral
Pompano Well #1 reached 3,265 ft with 10¾-inch casing cemented and the final hole section started. Total depth is planned around 7,973 ft, after which logging will occur. Routine progress with no results yet.
14 Jan 2008drilling progress report● Neutral
Buccaneer repeats that Pompano Well #1 spudded 12 January and was at 808 ft, preparing to run 16-inch casing. Hydrocarbon shows will be reported after logging. Duplicate of Elixir's own report.
14 Jan 2008drilling spud▲ GoodMajor
Pompano Well #1 spudded on 12 January 2008 and had reached 808 ft the next morning. This is the first well of the project in which Elixir holds 25%. Weekly Tuesday drilling updates will follow.
11 Jan 2008drilling progress report▲ Good
Buccaneer reports the caisson for Pompano Well #1 is installed, 15-20% under budget, and the rig is mobilising. Spud is expected shortly. Repeats Elixir's 25% interest.
11 Jan 2008drilling progress report● Neutral
Operator says the rig began mobilising to Pompano on 9 January, with spud preparations to start on arrival. Well #1 will test seven gas sands. Elixir's 25% interest is unchanged; a back-in of 5% applies after payout.
